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Bitcoin prices have been all over the place lately, but the latest price jump can be credited, in part, to Elon Musk.
This week, during all of the Robinhood and GameStop drama, Tesla and SpaceX CEO Elon Musk changed his Twitter bio to “#Bitcoin,” helping prompt a 15% jump in Bitcoin prices. At the time of this writing, Bitcoin is sitting at $37,243 a coin.
In a tweet from around the same time as the updated bio, Musk notes that “In retrospect, it was inevitable,” most likely alluding to people losing faith in the stock market and, instead, putting more trust in a deregulated cryptocurrency.
Previously, Musk had tweeted multiple times about GameStop stocks, the subreddit WallStreetBets, and stated that shorting “is a scam.” Shorting, in this case, refers to what WallStreetBets and many retail investors rallied against.
Elon Musk’s recent tweets about Signal also helped drive a huge number of people to the more-secure messaging service.
Will Wall Street and Robinhood’s recent moves drive more people to cryptocurrency? Quite possibly, but time will tell.
Have any thoughts on this? Do you agree with Elon Musk? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.
Editors’ Recommendations:
- Tesla is hiring more customer support because people keep complaining to Elon Musk on Twitter
- Elon Musk goes to Twitter to tell people to stop using Messenger and start using Signal
- Tesla’s completely refreshed $140K Model S can go 520 miles on a single charge
- The FCC is throwing $886 million at SpaceX in hopes it brings high-speed internet to rural areas
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